Hi there,
Well first of all, TD and V/MA are materially different, so I wouldn't include TD with an analysis between V/MA. I'd consider TD if i wanted more big bank exposure, or V/MA if i wanted to diversify a little more and have credit services exposure. All three are financials, but I'd treat them differently.
In terms of V or MA - it boils down to two things, valuation and growth. If you look at both companies, today Visa is better valued across pretty much every metric. It also has higher operating margins. On the flip side, MA has better ROE and ROIC.
With this in mind, I'm not looking to growth. MA has managed to top Visa (slightly) in terms of Revenue, EPS and Free cash flow growth over the past five years. This likely explains why it has slightly outperformed VISA over this time frame. Looking forward, MA is also expected to slightly outperform VISA in terms of EPS (17% vs 13.5%) and revenue (12% vs 10%) growth. When you take that into consideration, then you understand why MA is slightly more expensive than Visa.
All in all, neither are particularly cheap and trade inline with historical averages. So with this in mind, both would be decent options. I'd likely consider MA first even thought it is more expensive, simply because it has higher expected growth rates. There is risk associated with that because if it misses those growth rates, it would likely fall faster than Visa.
Mat